Alliance Wealth Advisors LLC Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Alliance Wealth Advisors LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 21.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 474 shares of the software company’s stock after buying an additional 84 shares during the quarter. Alliance Wealth Advisors LLC’s holdings in Adobe were worth $211,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ADBE. Onyx Bridge Wealth Group LLC increased its position in shares of Adobe by 4.0% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after purchasing an additional 20 shares in the last quarter. Connable Office Inc. grew its stake in Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after buying an additional 20 shares during the last quarter. 1ST Source Bank raised its stake in shares of Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after acquiring an additional 20 shares during the last quarter. James J. Burns & Company LLC boosted its holdings in shares of Adobe by 5.6% in the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock worth $215,000 after acquiring an additional 22 shares in the last quarter. Finally, Holistic Financial Partners increased its holdings in Adobe by 6.0% during the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after purchasing an additional 22 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 over the last three months. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on ADBE. Jefferies Financial Group decreased their target price on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Royal Bank of Canada decreased their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. BMO Capital Markets dropped their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, Bank of America decreased their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Price Performance

Shares of ADBE opened at $433.07 on Friday. The company has a market cap of $188.52 billion, a price-to-earnings ratio of 34.93, a PEG ratio of 2.11 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company’s fifty day simple moving average is $453.92 and its 200 day simple moving average is $499.63. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $628.07.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the business posted $3.52 EPS. Adobe’s revenue was up 11.1% on a year-over-year basis. On average, research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.